How-to-Qualify-for-a-Roswell-Loan-Modification

How to Qualify for a Roswell Loan Modification

How to Qualify for a Roswell Loan Modification

Financial hardships like medical bills and job loss can create difficulties for many homeowners who still owe on their mortgage. This is why many borrowers turn to a home loan modification. This kind of modification allows the borrower to restructure their mortgage payments to make them more affordable, and avoid foreclosure. In order to qualify for a Roswell loan modification, it is important that you meet the following 3 criteria.

  1. Financial Necessity: In order to obtain a Roswell loan modification, you must show true financial need. Job loss, death of a spouse, or outstanding medical bills qualify as financial need. Buying a new car and accruing credit card debt, do not.
  2. Capacity to Pay: Even though you have shown financial need, you will still have to show your lender that you will be able to make the payments, at either a reduced amount or lower interest rate. If you have lost your job, for example, you would need to show your lender how you are looking for a new job.
  3. Complete Application: This step is especially important in order to get an approval for your loan modification. A complete application will include an application form from your mortgage lender and a hardship letter. The hardship letter should detail the personal circumstances that have led to your request for a loan modification. Use this letter to explain your personal situation, and remember to be honest, do not falsify any information.

When you need a Roswell loan modification, Galler Law is here to help! We will work hard to make sure you find a resolution to get back on your feet and stop worrying about foreclosure. Contact us today to learn more about our loan modification services.